One way to enjoy your retirement more is to use some of the cash stored up in the value of your house, with equity release. Most people who use equity release are over 55 and it is seen as a lifetime commitment.

Equity release can be complex and to get the best scheme for you, it is often a good idea to use the services of a mortgage solicitor in London at Saracens Solicitors, one of the West End’s leading law firms.

A mortgage solicitor in London can help you pick the best scheme for your needs, and being able to release funds and save some to pass on to the rest of the family requires perfectly clear phrasing before you sign the forms.

Different schemes have different outcomes, either lifetime mortgages or home reversion.

Lifetime mortgages

This is the term given to any money you borrow against the eventual sale of your house, usually after your move into permanent care, or your death. Usually, you do not have to start making repayments while you are still alive, and you can stay living in your home for as long as you like. However, the amount you owe the mortgage company continues to rise during the rest of your life, as the interest is added to the original loan. So, if you decide to sell before you die, you may find you receive far less than when you first remortgaged. If you think this may happen, you can sometimes get a remortgage that allows you to pay the interest as you go so that there is something left to pass onto the kids after you’re gone.

Home reversion

Home reversion is different from lifetime mortgages. With this high risk way of doing things, you sell a percentage of your home for a lump sum or an income. You continue to live in your property without paying rent until your death, or you go into permanent care. You can see how once you have entered into this deal, you can’t sell your home. Home reversion can get complex, and it is well worth getting legal help from a mortgage solicitor in London at Saracens Solicitors if you go down this route.

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